"The new 50% top tax rate for those earning over £150,000 is designed to put the Tories on the spot - do they back it or pledge to reverse it? Since it will be introduced before the next election, they will have to say.
If they attempt to swerve this political trap they will face criticism from some in their own party and in the Tory press who will demand that they protect "our people"."
That's OK is is Nick? Playing politics as the economy tanks?
Of course the top rate of tax is far higher than 50%, as you must take into account Gordon Brown/Alistair Darling's sneaky cut in personal allowances for those earning over £100,000 a year alongside the previously announced increase in Employees NIC on high incomes. I make that a "tax rate" of over 60%, for NIC is Income Tax by another name. Add to the above Employers NIC and I calculate the government are taking around 66% of a high paid employee's gross salary. Make the pips squeak and all to try and position the Tories as the party of the rich. How about positioning Labour as the party of incompetence, lies and spin? What say you Nick Robinson, or do you need to check with the Labour spin machine first?
Anyway, how much will this tax increase raise? £1bn? Maybe £1.5bn? Does that really help the economy that Labour screwed? Of course not but as Nick Robinson parrots, it's "a political trap" and so worth doing. Heaven help us from the BBC/Labour alliance.
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